(VOVworld) – The EU approved on Friday a short-term loan of 7.16 billion euros to Greece allowing it to meet a huge payment to the European Central Bank, ECB, and repay the International Monetary Fund while a new bailout is still being ratified.
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The EU approved on Friday a short-term loan of 7.16 billion euros to Greece.
(Photo: newsnation.in) |
Greece must pay the ECB a huge debt payment of 4.2 billion euros as early as Monday. The loan will officially be for three months, but only provide enough cash to hold Greece over until August 20, when the country owes the ECB another huge debt payment. Greece has only one month to negotiate with its international creditors on articles of new 86-billion-euro bailout which prolong 3 years Eurozone agreed at a summit early this week.
According to regulations, the Greek bailout must be ratified by eurozone parliaments. The deal has been backed by the German parliament, the Austrian parliament, Sweden, the Latvian government, France, and Finland.